By Ben Glickman

Shares of Carrols Restaurant Group shot up Tuesday after Burger King-owner Restaurant Brands International said it would acquire the company.

The stock was up 13% to $9.50 in pre-market trading. Shares have increased fourfold in the last year.

RBI said it would pay $9.55 per share for Carrols, giving the company an enterprise value of about $1 billion.

Carrols is the largest Burger King franchisee in the U.S., operating over 1,000 locations. The company also owns and manages 60 Popeyes restaurants.

RBI said the purchase price represented a 13.4% premium on Carrols' Jan. 12 closing price, and a 23% premium on the stock's 30-day volume weighted average price as of Jan. 12.

Carrols' Burger King restaurants generated about $1.8 billion in system sales in the year ended Sept. 30.

Restaurant Brands shares were down 1.1% to $77.58 in pre-market trading.

Write to Ben Glickman at ben.glickman@wsj.com

(END) Dow Jones Newswires

January 16, 2024 08:14 ET (13:14 GMT)

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